Authorized a new stock repurchase program for an additional
3,000,000 shares

Teledyne today reported fourth quarter 2015 sales of $600.0 million,
compared with sales of $622.3 million for the fourth quarter of 2014, a
decrease of 3.6%. Net income attributable to Teledyne was $55.5 million
($1.57 per diluted share) for the fourth quarter of 2015, compared with
$60.2 million ($1.62 per diluted share) for the fourth quarter of 2014,
a decrease of 7.8%. The fourth quarter of 2015 included pretax severance
charges of $2.5 million. The fourth quarter of 2015 also included $5.9
million in research and development tax credits and net discrete tax
benefits of $1.3 million. The fourth quarter of 2014 included pretax
severance charges of $1.8 million. The fourth quarter of 2014 included
$5.6 million in research and development tax credits and net discrete
tax benefits of $0.7 million.

“We ended 2015 with our strongest quarter of the year. Sales and
earnings per share were significantly higher than the preceding
quarters. In fact, earnings in the fourth quarter of 2015 were nearly a
record, just under last year’s record results, with research and
development tax credits benefiting both periods,” said Robert Mehrabian,
Chairman, President and Chief Executive Officer. “Despite a very weak
industrial economy and currency headwinds, full year sales declined only
four percent. However, we were able to maintain GAAP operating margin in
2015 given agile cost reductions. Our balanced business portfolio is not
dependent on any single product or market. While energy markets have
weakened, our aerospace and defense businesses are performing well.
Nevertheless, in 2016 we expect further deterioration in our offshore
energy businesses, which now represent approximately 15% of total sales.
We also remain cautious in other commercial markets given the
challenging global economic environment, so we believe it is prudent to
be measured in our outlook. Finally, we continue to generate strong cash
flow and will maintain capital deployment on share repurchases and
complementary acquisitions.”

Full Year 2015 (Fiscal year 2015 contained 53 weeks and fiscal
year 2014 contained 52 weeks.)
Total year sales for 2015 were
$2,298.1 million, compared with $2,394.0 million for 2014, a decrease of
4.0%. Net income attributable to Teledyne was $195.8 million ($5.44 per
diluted share) for 2015, compared with net income attributable to
Teledyne of $217.7 million ($5.75 per diluted share) for 2014, a
decrease of 10.1%. Total year 2015 and 2014 reflected pretax charges
totaling $8.4 million and $4.2 million, respectively, for severance
charges. Net income for 2015 and 2014 also included net discrete tax
benefits of $9.8 million and $8.9 million, respectively. Total year 2015
and 2014 included $5.9 million and $5.6 million in research and
development tax credits, respectively.

Review of Operations (Comparisons are with the fourth quarter of
2014, unless noted otherwise. The fourth quarter of 2015 contained 14
weeks and the fourth quarter of 2014 contained 13 weeks.)

The fourth quarter 2015 sales decrease resulted from lower sales of
marine, electronic test and measurement and environmental
instrumentation. Sales for marine instrumentation decreased by $20.5
million and primarily reflected lower sales of interconnect systems and
other marine sensors and systems for energy production, partially offset
by higher sales of interconnects and marine systems for U.S. Government
applications. Sales of electronic test and measurement instrumentation
decreased $7.1 million and sales of environmental instrumentation
decreased $5.7 million. The fourth quarter of 2015 reflected $0.9
million in higher severance costs compared with 2014.

Digital ImagingThe Digital Imaging segment’s fourth quarter
2015 sales were $102.1 million, compared with $102.4 million, a decrease
of 0.3%. Operating income was $11.5 million for the fourth quarter of
2015, compared with $7.8 million, an increase of 47.4%.

The fourth quarter 2015 sales reflected increased sales of commercial
digital imaging systems, including sensors and systems for life sciences
and industrial X-ray applications, offset by lower sales from U.S.
Government research and development contracts and laser-based mapping
systems. The fourth quarter 2015 sales included $3.6 million in
incremental sales from a recent acquisition. The increase in operating
income in the fourth quarter of 2015 reflected improved margins across a
number of product categories as a result of ongoing cost reductions and
improved contract performance.